Hot Topics:

THE BOARD AND ITS LEANINGS

Sentinel & Enterprise

Updated:
07/27/2014 06:37:31 AM EDT

The start

What is today Market Basket started with a single store on Dummer Street in Lowell in 1917, opened by Arthur and Efrasine Demoulas. In 1954, the couple sold their business to two of their six children, George and Telemachus Demoulas. In 1964, the brothers formed DeMoulas Super Markets, and merged into it the separate corporations they had previously established for each of their existing stores. Demoulas Super Markets was owned by George, his wife, Evanthea, and Telemachus, and his wife Irene. The couples had equal shares.

George and Evanthea had four children: Fotene, Evan, Diana and Arthur S. Demoulas. Telemachus and Irene also had four children: Frances, Glorianne, Arthur T. and Caren Demoulas.

The board

Of the seven members of the board of directors, two are appointed by Arthur T. Demoulas' side of the family, and two by the side affiliated with Arthur S. Demoulas, the former CEO's cousin. The three independent members are elected by a majority vote of all company shareholders.

Following is a breakdown of the board by affiliation, with members' listed hometowns.

Welcome to your discussion forum: Sign in with a Disqus account or your social networking account for your comment to be posted immediately, provided it meets the guidelines. (READ HOW.)
Comments made here are the sole responsibility of the person posting them; these comments do not reflect the opinion of The Sentinel and Enterprise. So keep it civil.